Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
Higher new issue premiums make deals shine amid market volatility
Citigroup and Wells Fargo hit positive post-Fed market with a $18bn salvo
◆ French bank secures 'surprising' demand... ◆... giving the option to go big ahead of national budget ◆ Concessions debated, but higher premium and spreads lure buyers
◆ Best window of the week, lead says ◆ Less concession than other recent deals ◆ Danske "pretty much done" for 2026 funding plan
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BBVA launched a tightly priced two year senior deal into a softening senior market on Monday, as sentiment faltered amid renewed concern about the future of the eurozone.
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IDBI Bank raised $500m from its return to the international bond market after a two year absence, attracting $4.5bn of demand.
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Korea Finance Corp joined the dollar bond frenzy at the start of the week, raising $300m after reopening its existing five year bond — and managing to price the tap much tighter than the original transaction.
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Thailand’s banks are being pushed offshore by a rising demand for dollars from their domestic clients and an inability to get the maturities they need in the swap market. After pricing three bonds in quick succession, bankers are now hoping to add more deals to the market. Some think there could be as much as $750m of additional issuance this year.
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MetLife continued its charge into non-dollar funding with a dual tranche senior unsecured bond issue in euros and sterling, following its debut Kangaroo deal on Wednesday. But the senior financials index moved 10bp wider on Thursday, as bankers said the pipeline for next week was short and new issue premiums were likely to rise.
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Lloyds was back in buybacks on Tuesday with a multi-currency tender offer targeting £19.4bn of debt. It followed UK peers Royal Bank of Scotland and Barclays, who released results of their own buybacks this week, and took the total debt targeted by UK banks this month to over £40bn.